Home » Ports/Terminals » ICTSI drops out of Portek bid

INTERNATIONAL Container Terminal Services, Inc (ICTSI) formally withdrew its offer to acquire Portek International Ltd after Japanese firm Mitsui & Co acquired majority stake in the Singapore-listed company over the weekend.

Mitsui last Friday bought 24,000 shares at S$1.40 apiece, according to Nomura Singapore Ltd, which advises Mitsui on the transaction. This brought to 63.9% the total number of shares “owned, controlled or agreed to be acquired” by Mitsui, said Nomura.

On July 28, Mitsui & Co acquired 35,466,638 shares of Portek’s biggest shareholder Lam Choon Seng and 27,000,000 shares of DBS Nominees Pte Ltd, for the account of Lam Family Holdings Ltd.

ICTSI, which owned 16.8% of Portek shares as of June 16, 2011, was trying to buy controlling stakes to strengthen its overseas portfolio in port operations.

In due course, ICTSI said it intends to tender all shares held through ICTSI Ltd in acceptance of the Mitsui offer.

Mitsui launched its S$221-million ($180 million) bid for Portek in early June, making an offer of S$1.40 per share, 17% more than ICTSI’s S$1.20.

Portek operates and manages seven medium-sized container and Multi-purpose terminals in Indonesia, Algeria, Malta and Gabon and a dry port in Rwanda.

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